Some destinations are visited. Others are felt. Nestled within remarkable landscapes, The Aether Lodge invites guests to experience a slower, more intentional way of travelling—where thoughtful design, genuine hospitality and nature come together to create memories that endure long after the journey ends.
A little over a minute to understand The Aether Lodge in a different way than through numbers.
The Aether Lodge brings true intimacy to Lombok's south coast — Indonesia's next premium destination, driven by the rise of Mandalika, the arrival of international brands (Hyatt, the Rafa Nadal Academy), and new direct flight routes opening up. The site is home to 9 privatized lodges, built in solid wood on Babery Tent structures, and paired with signature amenities, an Aether Spring hot tub, an Observatory Deck, a Fire Pit Pavilion, that no traditional resort can offer at scale.
9 lodges spread across 1,400 m², each oriented toward the ocean, so every guest owns the landscape rather than sharing it.
Lodges built in massive timber on Babery Tent frames (B3 / B9 / B11), engineered for Indonesia's climate and terrain.
Aether Spring hot tub, Observatory Deck, Sky Deck, Fire Pit Pavilion and Starlink come included as standard.
South Lombok — selected for its land security, market momentum, and the arrival of major international players (Hyatt, the Rafa Nadal Academy, Mandalika SEZ).
Beyond the amenities, a curated program of experiences is what pushes ADR above market average and turns a stay into a memory.
Welcome, arrival drink and a sensory ritual from the moment guests step out of the car — the tone of the stay is set before they even enter the lodge.
Breakfast served at sunrise, facing the ocean — a quiet moment before the day begins.
A guided session at the Observatory Deck, telescope and star chart in hand — Jupiter, Saturn, the Milky Way.
A private dinner on the lodge's own deck, facing the sunset — without sharing the view with a single other guest.
The evening gathering point — fire, toasted marshmallows, and the site's other guests.
The Aether Lodge doesn't sit in isolation — it's positioned at the heart of a destination with plenty to offer today, and even more on the way in the years ahead.
South Lombok's signature bay — white sand, turquoise water, minutes from the lodge.
Rose-tinted sand and coral reef on the Ekas Peninsula — still uncrowded, known mostly to surfers.
The Pertamina Mandalika International Circuit hosts MotoGP and other races year-round.
About an hour's drive, set deep in tropical jungle, reached via traditional villages en route.
A volcanic rock canyon and natural pool, for guests keen to hike off the beaten path.
Day trips to Gili Trawangan, Gili Meno and Gili Air — diving and snorkeling.
Beyond the three main islands, several quieter islets are reachable by private boat trip.
The volcano and its crater lake, to the island's north — for more adventurous trekkers.
The first Rafa Nadal Academy center in Southeast Asia, integrated into the Samara Lombok complex (150 ha) — opening Q1 2028.
Southeast Asia's first "Destination by Hyatt," within the same Samara Lombok complex — a strong signal of international confidence in the destination.
Direct routes already active or announced: Singapore, Kuala Lumpur, Darwin, and Perth later in 2026 — see Market Opportunity for full detail.
The Indonesian Grand Prix is now an annual fixture on the MotoGP calendar — the 2026 edition confirmed for 9-11 October, alongside GT World Challenge Asia (May) and the Pertamina 6 Hours Endurance (February) the same year. A repeated international showcase, multiple times a year.
ITDC is building a new port within the Mandalika Special Economic Zone, targeted to be operational ahead of the MotoGP edition — a concrete public infrastructure investment, not just an announcement.
The Mandalika Special Economic Zone received the "Best Integrated Tourism Destination" award — external validation of the destination's trajectory, not just a sales pitch.
Sources: WeSeekTravel, The Broke Backpacker, Girl Gone Coconuts (destination guides, 2026); Rafa Nadal Academy, Business Traveller, Invest Indonesia, ITDC — InJourney Tourism Development Corporation, itdc.co.id (development announcements, event calendar and official recognitions — see also Market Opportunity).
The Aether Lodge Infinite is a single boutique resort of 9 lodges on 1,400 m² (14 ares) in South Lombok — not four separate projects, one consolidated investment with a mix of three accommodation types.
Welcome House, Staff Lodge, Fire Pit Pavilion, Aether Spring Hot Tub, Sauna, Massage Room, Observatory Deck, Sky Deck, Explorer Hideout, Sunrise Swing, Mushollah, Starlink.
| Total investment (land, construction, fees included) | €599,000 |
| Investor equity share | 90% |
| Aetherial Studio equity share | 10% |
| Investment per lodge (reference) | ~€57,700 |
Land (14 ares at 150M IDR/are), construction of the 9 lodges, common facilities and professional fees — full detail in Investment Terms.
For the price of a 3-bedroom villa in Bali — 300 m² of land, a 30-year lease — this is an entire complex. 1,400 m² of land, an HGB land right reaching up to 80 years.
Source: Propertia, April 2026 market study (16,000+ listings) — full detail in Legal Structure.
The Aether Lodge Infinite — 9 lodges, total investment €599,000. Revenue calculated directly (ADR × occupancy × 365 nights), costs and margins consistent with the Aetherial Studio model (12% development fee, 14% management fee on net revenue, 90/10 investor/Aetherial split).
| Scenario | Occupancy | Net Revenue | EBITDA | Net Profit | Annual ROI | Payback |
|---|---|---|---|---|---|---|
| Conservative | 55% | €219,755 | €106,445 | €74,349 | 12.4% | 8.1 yrs |
| Target | 70% | €279,688 | €153,601 | €121,505 | 20.3% | 4.9 yrs |
| Optimistic | 85% | €339,621 | €200,756 | €168,660 | 28.2% | 3.6 yrs |
Gross revenue = (4×€120 Couple + 3×€155 Premium + 2×€195 Family XL) × 365 nights × occupancy. Net revenue after OTA commission (18%). Total investment: €599,000.
Get the full financial modelPer-phase durations shown reflect the fastest-case scenario (see Delivery Timeline in the full report for the complete range and phase-overlap detail).
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Concept render — not site-specific
The Aether Lodge Infinite is a 9-lodge boutique resort, developed by Aetherial Designs in South Lombok — a destination selected for its land security and market momentum. Total investment of €599,000 (land, construction, fees included), structured as 90% investor / 10% Aetherial Studio equity, with an annual ROI between 12.4% and 28.2% depending on the occupancy scenario (55-85%).
Budget reconciled on 2 August 2026 from real quotes (Nila Villa BOQ, Aether Lodge amenities) and the Aetherial Studio model (12% development fee, 14% management fee). Full detail in Financial Model and the Excel model.
Detailed layouts for the three lodge types that make up the resort — footprint, interior and deck surface areas, room arrangement.
4×4m · 16 m2 interior + 6 m2 deck · 2 guests · 4 units
4.5×5m · 22.5 m2 interior + 9 m2 deck · 4 guests · 3 units
6×5m · 30 m2 interior + 12 m2 deck · 4-6 guests · 2 units
Family XL plan supplied at 6×5m (30 m2 interior, 12 m2 deck) — slightly different from the 6×6m (36 m2 / 18 m2) referenced elsewhere on the site; to reconcile once the construction-ready plan is finalized.
South Lombok presents a combination of ground conditions that call for a deliberate engineering approach — not an obstacle, but a well-understood, well-solved engineering problem.
South Lombok's coastal zones, including Mandalika — the region's benchmark development — sit on alluvial plains, often sandy. Excellent drainage, but bearing capacity that must be engineered, not assumed.
Lombok has recorded 12 destructive earthquakes between 1979 and 2018, including the major July-August 2018 sequence (M6.4 to M7.0). In loose, saturated sandy soil, strong shaking can trigger liquefaction — a temporary loss of soil bearing capacity.
Mass drives seismic force. A Babery Tent structure (timber + canvas) on a raised platform puts far less load on the ground than a concrete villa — reducing both the risk of triggering liquefaction and the inertial force the structure must absorb.
Raised timber platforms on point foundations (screw piles or reinforced footings) anchored below the loose surface layer, tied together by a reinforced grade beam to distribute lateral loads — instead of a continuous slab.
The approach above is the chosen engineering methodology, not yet a final design. A site-specific geotechnical survey (soil boring / SPT test) is standard practice before finalizing foundation depth and spacing, and will be commissioned once the land is secured — see Delivery Timeline, Site Preparation phase.
The complex will be equipped with a biological septic tank (bio septic tank / biofilter) — not a conventional pit. A fiberglass tank fitted with biomedia houses bacteria that break down wastewater into an odourless, compliant discharge before release — a standard, proven technology for Indonesian hospitality (common brands: Biotech, Biofil, Biotop).
South Lombok/Mandalika's coastal alluvial plains form a good-quality aquifer, but one that's sensitive to seawater intrusion and contamination. Biological treatment protects that resource instead of simply moving the problem underground.
Multi-chamber treatment: settling, aerobic/anaerobic bacterial breakdown across biomedia, then clarification — the final discharge can be safely released to local drainage, odour-free.
Centralized or split by lodge cluster (to be decided with the architect based on site topography) — sized for 32 guests + staff at maximum occupancy.
The humid tropical climate gives the region an estimated 70% termite attack potential (Bali reference, comparable climate) — national termite-related economic loss is estimated at IDR 2.8 trillion/year. For a solid-wood construction, this isn't an afterthought — it's its own line item.
| Measure | When |
|---|---|
| Chemical soil barrier under foundations and platforms | Pre-construction |
| Naturally termite-resistant timber species (teak/jati, merbau/ipil, ironwood/ulin) for structural elements in ground contact | Material selection |
| Reticulation system (under-slab pipe network, periodically recharged) | Construction |
| Regular inspections and provider warranty (up to 7 years with established operators) | Ongoing |
Timber and canvas structures, spread across an extended site, with potentially limited fire-truck access — a different risk profile from a solid-build urban hotel, one that needs to be addressed as such rather than copy-pasted from a generic hospitality standard.
Sufficient distance between lodges to limit fire spread from one structure to another — already consistent with the 'True Intimacy' positioning in Concept.
Smoke detectors per lodge, fire extinguishers in every unit and common area, accessible water point (the Aether Spring hot tub and on-site water storage can double as a backup reserve).
Master-plan footpaths sized to allow rapid evacuation toward the Entrance Gateway; to be validated with local authorities during the SLF application.
The same alluvial-aquifer sensitivity already noted for wastewater applies to water supply: an oversized well can encourage seawater intrusion and salinize the local water table — a documented risk on South Lombok's coastal alluvial plains.
Well depth and extraction rate need to be sized from a local hydrogeological study, not a generic assumption — with periodic salinity monitoring to catch any early intrusion. To be commissioned alongside the geotechnical survey, once the land is secured.
The world doesn't need more buildings. Every year, thousands of projects are launched around the world. Many will be beautiful. Some will be profitable. Very few will be remembered.
We founded Aetherial Studio because we believe remarkable places are never the result of chance. They are the result of intention. Our role is to discover the ideas worth building, and to surround them with the right partners to bring them to life.
Sits on the Board of Commissioners (Komisaris) of the project's PT PMA structure — the supervisory and oversight role provided for under Indonesian corporate law, distinct from day-to-day management (Direksi). Also supports the project in an assistant capacity.
On-the-ground project supervision in South Lombok — coordination between the architecture firm, contractors and local teams.
Once operational, a dedicated management team runs the resort day to day — this is what makes the investment passive for shareholders.
Positioning, content and promotion of the resort to drive demand both directly and through distribution channels.
Listings and availability across OTAs (Booking.com, Airbnb, etc.) managed via a channel manager (Guesty), keeping rates and calendars in sync across every channel without overbooking.
Recruitment, scheduling and supervision of on-site staff (front desk, housekeeping, maintenance, security).
Tracking of day-to-day operating costs, feeding into the monthly reporting shared with investors (see Governance).
The split between OTA and direct bookings shifts in two phases, to maximize first fill speed, then margin.
OTAs (Booking.com, Airbnb) via the Guesty channel manager, to immediately tap into their existing traffic and reviews — essential for a brand-new resort with no direct brand awareness or guest base yet.
Gradual shift toward direct booking (the resort's own site, repeat guests, word of mouth) as reviews, brand awareness and SEO build up.
OTAs typically charge a 15-20% commission per booking. Every direct booking removes that cost — a margin lever that builds progressively, on top of what the base financial model assumes.
The financial model presented in this report (see Financial Model) uses a constant blended net ADR and does not explicitly model this OTA/direct shift — the ramp-up in direct bookings represents additional margin potential, not guaranteed and not yet quantified in the published scenarios.
Beyond the base ADR, packages already designed and ready to operate increase average spend per stay without depending on higher occupancy.
Discreet romantic decor, LED candles, sunrise breakfast on the swing, Polaroid souvenir photo, private Observatory Deck session, special dessert, personalized welcome letter.
Premium decoration, artisan cake, flowers and lanterns, Aether Celebration Basket, photo & video keepsake, personalized letter, custom music, welcome drink.
Suhoor delivered to the tent, premium prayer mat, Quran available, gourmet iftar basket, tea and dates — draws directly on the Mushollah already on site.
1-hour relaxing massage, body scrub, radiance facial, herbal tea — about 2.5 hours, draws directly on the Massage Room already on site.
Like the OTA/direct shift above, this lever is not quantified in the published ADR scenarios (see Financial Model) — to be built into the model once packages are tested in real operation, rather than assumed ahead of opening. Package prices in IDR, indicative exchange rate 19,000 IDR/EUR (see Annex A14).
In-house team: the founder, a Commissioner (Komisaris), a project supervisor based in South Lombok, and marketing. Architecture (Walawastu), construction (Arsa Karya + 1 contractor), accounting and legal are handled by external partners — a deliberately lean structure, consistent with the 'independent professionals' approach detailed under Governance. Once the resort opens, operations management (marketing, OTAs via Guesty, staff, expenses) takes over from the project team. The second contractor's name and legal counsel to be shared once mandates are formalized.
Beyond South Lombok's own positioning, several underlying trends support the investment thesis at a broader level.
South Lombok, Indonesia
15.39 million foreign visitors in 2025 (exceeding the government's 14-15M target), up ~10-14% year-on-year toward year-end. Q1 2026 confirms the trend with 3.44M arrivals (+8.62% YoY), the strongest first quarter since 2020.
Average spend per foreign visitor reached $1,267 in 2025, above the government's own target ($1,220). Domestic trips reached 1.20 billion in 2025 (+17.55%).
Estimated at $43.2M in 2024, projected to reach $138.67M by 2033 (12.37% CAGR) per IMARC Group. The global glamping market follows the same trajectory: $3.8-4.2 billion in 2025-2026, toward $7.9 billion by 2033 (~9.5% CAGR) per Grand View Research.
Indonesia's national tourism strategy actively pushes flows toward emerging destinations beyond Bali — including Lombok, Aether Lodge's chosen destination. This is not a coincidence: it's a direct alignment with government policy.
The Mandalika tourism zone (1,175 ha, 16 km of coastline, in Aether Lodge's immediate vicinity) is a Special Economic Zone established by Government Regulation No. 52 of 2014 — not just a marketing zone. Designed from the outset with over 51% preserved green space, solar energy, and water desalination.
Marriott (Postcard Cabins acquisition, Dec 2024), Hyatt (Under Canvas alliance, Jul 2024) and Hilton (AutoCamp partnership, Feb 2024) all entered the glamping/cabin segment within the past 18 months — a sign this is no longer a niche, but an asset class taken seriously by institutional hospitality.
Realized investment in the Indonesian tourism sector reached Rp73.55 trillion (~$4.38B) in 2025, up 56.05% year-on-year — a strong signal of investor confidence in the broader sector.
Sources: BPS (Statistics Indonesia) / Trading Economics (tourist arrivals, Q1 2026); Indonesian Ministry of Tourism via ANTARA News (2025 results, sector investment); IMARC Group (Indonesian glamping market, 2024-2033); Grand View Research (global glamping market, 2025-2033); public announcements from Marriott/Hyatt/Hilton (2024); ITDC — InJourney Tourism Development Corporation, itdc.co.id (Mandalika SEZ legal status and design). Data accessed August 2026.
An overview of the full Special Economic Zone — 18-hole golf, Mandalika Circuit, marina, residential districts, 5-star hotels, and public infrastructure planned across the whole peninsula. The KQ1 marker shows Aether Lodge's position relative to the full development.
Official Mandalika SEZ master plan, scale 1:25,000 (A3 format) — KQ1 marker added to show Aether Lodge's position. Source: ITDC / Mandalika master plan.
Lombok's tourism statistics vary significantly by source, because they don't measure the same scope — the entire NTB province or Lombok island alone, all visitors or international only, all entry points or the airport alone. The table below states the scope of each figure explicitly rather than aggregating them misleadingly.
| Period | Metric | Scope |
|---|---|---|
| 2019 (pre-Covid) | ~1M visitors, +20%/yr | Lombok, all visitors |
| August 2024 | 12,161 arrivals/month | International, by air only |
| April 2025 | +43.58% vs March 2025 | International arrivals, airport |
| Jan-Apr 2025 | +88.93% cumulative (North Lombok) | Domestic visits, specific zone |
| 2025 (full year) | 61,618 visitors | International, airport only |
| 2025 (full year) | 1.2M star-hotel guests | All visitors (domestic-dominant) |
| Jan-Apr 2026 | +18.4% total traffic, 850,319 passengers | Airport, all flights |
57% of total international arrivals — clear regional dominance, driven by direct flights and cultural proximity.
17,131 visitors in 2025, well ahead of all other nationalities.
5,019 Singaporean and 4,882 Chinese visitors in 2025 — second and third largest sources.
Japan, South Korea and India contribute smaller but steady flows. In April 2025, Europeans (3,100) and ASEAN travelers (2,811) led that specific month — composition varies by season.
No official Lombok-specific projection (3-5 year horizon) was found — only a national Indonesian target exists (14.6-16M international visitors for 2025, see above). Any medium-term Lombok projection presented elsewhere in this report remains an extrapolation, not an official figure.
Sources: BPS Statistics Indonesia NTB (air arrivals, August 2024, transport); Lombok Dispatch trade press (2025 results, nationality breakdown); Discover Lombok Guide (April 2025, domestic growth). Data accessed August 2026 — the exact scope of each figure is stated in the table above.
Concept render — not site-specific
Most real estate projects start with land, a budget, an architect — and only after construction does the market judge whether the idea was good. Aetherial Studio inverts this model: from hope to certainty, from speculation to validation. By the time an investment reaches our partners, the concept has already been challenged, validated, designed, modelled and prepared for execution.
South Lombok has been benchmarked against its direct competitors, to validate Aether Lodge's pricing position before any commitment. Rates individually verified in July 2026 against official websites and booking platforms (Booking.com, Tripadvisor, direct property sites).
South Lombok
| Dejama Glamping Resort | 800-2 000K |
| La Cocoteraie Ecolodge (Gili Trawangan, nearby reference) | 860-1 000K |
| Kuta Lombok villas | 700-1200K |
| Aether Lodge (per 2-person tent) | 1 210K |
Opportunity: one of Indonesia's fastest-growing tourism destinations, with ongoing infrastructure investment and still-limited true luxury supply. Advantages: a distinctive landscape (surf coast), scarcity of premium supply. Disadvantages: a significant price gap versus the local market to justify through experience (Observatory Deck, hot tub); a still-developing luxury demand base.
Island-wide Lombok market averages across all listing categories (geolocated data) — Aether Lodge's own ADR (see table alongside) is deliberately positioned above this average, consistent with a premium rather than market-average play.
Source: AirDNA, data accessed August 2026 — see Annex A2 for full detail by zone.
ADR in IDR/night (K = thousands). Base rates individually verified in July 2026 (Booking.com, Tripadvisor, HotelsCombined, official sites) — fluctuate by season, room type and availability. Do not replace a formal market study.
Widened beyond South Lombok: Aether Lodge's positioning against comparable premium glamping/lodges across the region's main competing destinations.
| Destination | Property | Rate/night (USD) | Positioning |
|---|---|---|---|
| Ubud, Bali (Indonesia) | Capella Ubud | ~$1,150 | Ultra-luxury glamping |
| Khao Yai (Thailand) | Te Mata Glamping | ~$315 | Premium glamping |
| El Nido, Palawan (Philippines) | Domes and Dreams Lio Glamping | ~$255 | Premium glamping |
| El Nido, Palawan (Philippines) | Dryft Darocotan Island | ~$130-139 | Boutique glamping |
| South Lombok (Indonesia) | The Aether Lodge — Couple Lodge | ~$149 | Target positioning |
| El Nido, Palawan — average (Philippines) | Market average (Booking.com) | ~$105-111 | Mid-market glamping |
| Khao Yai (Thailand) | Market average (Booking.com) | ~$112 | Mid-market glamping |
| Bali — island average (Indonesia) | Market average (Booking.com, 157 sites) | ~$85 | Mid-market glamping |
| Khao Yai (Thailand) | Mont Blanc Glamping | ~$75 | Entry-level glamping |
Aether Lodge positions above the regional average (\$75-112/night) and comparable boutique offerings (Dryft Darocotan, \$130-139), while remaining well below ultra-luxury references (Capella Ubud, ~\$1,150) — a defensible premium entry point given amenities few competitors offer at this price tier (private hot tub, Observatory Deck, Sky Deck).
Indicative rates, verified August 2026 (Booking.com, Tripadvisor, official property sites). USD converted from IDR/INR at prevailing rates where needed. Sample deliberately restricted to comparable properties (glamping / premium lodges) — does not replace a formal market study.
South Lombok is seeing concrete acceleration — not a marketing promise. Three signals verified in July-August 2026:
Active direct routes already: Singapore (up to 10 flights/week, Scoot + Singapore Airlines), Kuala Lumpur (daily, Lion Air, since July 2026), Darwin (4 flights/week, TransNusa — the first-ever direct Australia-Lombok route). Lombok-Perth announced for later in 2026.
Announced 30 July 2026: the first Rafa Nadal Academy center in Southeast Asia, integrated into the Samara Lombok complex (150 ha, south coast, 25 min from the airport) — the first "Destination by Hyatt" in Southeast Asia, opening Q1 2028.
Government-backed Special Economic Zone (ITDC): IDR 6,018 billion (~$354M) invested as of end-2025, with 27 domestic and international companies active (Singapore, Japan, Spain, US, Morocco). Lombok airport traffic up 18.4% between January and April 2026.
A 149-hectare coastal development at Buwun Mas (40 min from Mandalika): marina, villas, an international convention centre (construction started in 2026, up to 2,500 delegates at full capacity).
Sources: Lion Air Newsroom, Scoot/Skyscanner, Rafa Nadal Academy, Business Traveller, Invest Indonesia, Marina Bay City — accessed August 2026.
Final, all-inclusive price: 9 lodges (tents, ancillary structures, permits, furnishing), land (14 ares), land tax, notary and contingency. Built from a real construction quote (Nila Villa Ubud) and the real cost of the tent structures ($5,000 / $7,500 each). Full detail in the Excel model.
| Level | All-inclusive price | Lodge composition | Guests | ADR (weighted avg) | Land |
|---|---|---|---|---|---|
| Infinite | €599,000 | 4x Couple + 3x Premium + 2x Family XL | 32 | €414 | 14 ares |
Price recalculated on 2 August 2026 from a full bottom-up model: real tent cost ($5,000/$7,500 each), ancillary structures calibrated on a real construction quote (Nila Villa Ubud, April 2026), land at 160M IDR/are, land tax (10%), notary (2%), contingency (10%), and Aetherial Studio margin (14-24% depending on level, covering project creation and supervision). Full line-by-line detail in the Excel model — available on request.
Each payment is triggered by a verifiable project milestone — not a calendar deadline. The investor only pays against a demonstrable stage of progress, spread across the project's 15 months.
| Installment | Milestone | Indicative timing | Share |
|---|---|---|---|
| Reservation Deposit | LOI / Reservation Agreement signed | Month 0 | 10% |
| Land Acquisition & Development Stage | Land acquisition completed (HGB under PT PMA) + Master Plan & Architecture approved | Month 2-3 | 35% |
| Construction Commencement | Building Permit obtained & Construction Commencement | Month 5-6 | 20% |
| Structural Completion | 50% Construction Progress | Month 9-10 | 20% |
| Substantial Completion | Substantial Completion (≈90%) | Month 13 | 10% |
| Final Completion & Operational Handover | Final Handover & Operational Readiness | Month 15 | 5% |
The final 5% is a holdback, released only on delivery of an operational project — not a mere delivery date. Timing is indicative, aligned with the Delivery Timeline (15 months total); each payment's actual trigger remains the milestone reached, not the month shown.
The total entry amount of €599,000 (see Investment Terms) covers the following cost components, calculated on 2 August 2026 from the full bottom-up model (see Excel model for the full line-by-line detail).
| Construction (tents, interior, furnishing, hot tub) | 34.4% |
| Land, land tax, notary | 29.7% |
| Aetherial Studio margin (creation + supervision) | 15.4% |
| Contingency + contractor margin | 8.9% |
| Permits, drawings, BOQ, water permit | 6.2% |
| General services / site prep | 5.2% |
Tent structure, bathrooms, furniture, included amenities (hot tub, deck, etc.) according to the chosen level.
PBG, SLF, local authority filings, notary fees tied to the PT PMA structure.
Earthworks, utility connections (water, power), access.
Recruitment, OTA listing, soft launch, and a cash reserve for the first months of operation.
Detailed line-by-line breakdown available in the full Excel model (Cost_Infinite tab). Land is now included in these amounts (see Investment Terms).
Phase-by-phase detail, as referenced on the main page — not a contractual supplier schedule.
| Acquisition | Permits | Site Prep | Construction | Pre-opening | Total |
|---|---|---|---|---|---|
| 2-3 mo | 3-5 mo | 2-3 mo | 6-8 mo | 2-3 mo | 15 months |
15 months reflects the fastest-case scenario (the sum of each phase's minimum, with permits and site prep initiated as soon as land control is secured). A more cautious schedule, allowing for longer permit processing or weather/construction delays, can push the total to around 22 months (the sum of each phase's maximum).
Year-by-year detail (cumulative net profit, 5-year ROI) for all three scenarios lives in the downloadable Excel model below — the Performance table on the main page and above already gives the Conservative/Target/Optimistic view at a glance.
Model recalculated on 2 August 2026 from a real construction quote (Nila Villa Ubud) and the real cost of the tents ($5,000/$7,500 each). ADR estimated per level from tent composition, cross-checked against the South Lombok boutique market (150-300$+/night for well-positioned properties). Two-part cost structure (fixed + variable charges, see the downloadable Excel model) rather than a single flat margin — actual EBITDA margin therefore ranges from ~48% (Conservative) to ~59% (Optimistic) depending on occupancy. Three occupancy scenarios: Conservative 55%, Target 70%, Optimistic 85%.
Full financial model available for download — editable assumptions, 3 scenarios, 5-year projection, exit valuation calculator. The detailed P&L (operating costs, depreciation, local taxation) is broken out line by line; precise local taxation still needs validation with the project's financial controller and tax advisor.
Download Excel model (.xlsx)As a concrete point of reference: here is what a €580,000-620,000 budget buys in four other real estate markets popular with international investors, compared with a 90% equity share in the entire The Aether Lodge Infinite resort (€599,000, South Lombok, Indonesia).
The structural difference: in the other four markets, the investor owns and manages a single asset — one difficult tenant or one weak season weighs on the entire return, and the advertised yield is almost always gross (real costs typically bring it down 1.5 to 2 points). In The Aether Lodge Infinite, income is pooled across 9 lodges and three accommodation types, with a weighted ADR (€414) pulled upward by amenities few residential properties can offer — a hot tub, Observatory Deck, Sky Deck, sauna — and hospitality management is fully delegated to Aetherial Studio; the 20.3% cited above is net, calculated on the €599,000 total investment.
Indicative figures (market data, July-August 2026), sources: Sands of Wealth, GuestReady, Property Finder UAE (Dubai Marina/Downtown apartments); Cotality, Global Property Guide, Nestpath, Bamboo Routes (Sydney residential market); Investropa, Portugal Buyers Agent (Algarve apartments); SKHAI, Asia Lifestyle Magazine, Aster of Asia (Phuket villas). A directly-owned property can also be used personally and resold on its own — an option a share in The Aether Lodge Infinite does not offer. These figures are indicative, not guaranteed, and do not constitute investment advice.
The following is a synthesis of current Indonesian regulation and industry practice for a foreign-held hospitality investment. This is not legal advice: the final structure must be validated by an Indonesian notary (PPAT) and tax advisor before any investor commitment.
A foreigner cannot hold freehold land (Hak Milik) in Indonesia. The legal, standard-practice route is a PT PMA (foreign-owned company) holding the land under Hak Guna Bangunan — right to build, 30 years renewable up to 80 years. Nominee arrangements, where an Indonesian citizen holds title on the foreign investor's behalf, are illegal and unenforceable in court — to be ruled out explicitly, regardless of any apparent cost saving.
For a comparable budget, the Bali market typically offers a 3-bedroom villa on ~300 m² of land, on a ~30-year leasehold (source: Propertia, April 2026 market study, 16,000+ listings — Canggu median $380,000, up to $800,000 at the 90th percentile for a well-located 3-bedroom villa). Here, the same order-of-magnitude investment gives access to an entire complex on 1,400 m² of land, with an HGB land right reaching up to 80 years.
The project is now focused on a single destination: South Lombok. A single PT PMA carries the entire site, which simplifies the structure compared to a multi-destination setup — but also concentrates risk on one location, a point to weigh against the Exit Strategy and Risk Analysis sections.
100% foreign ownership is permitted for most hospitality/tourism categories under the Positive Investment List — but certain real-estate development sub-categories cap foreign ownership at 67%. The activity code (KBLI) must be confirmed per site before incorporation, not after.
BKPM Regulation No. 5/2025 lowered the minimum paid-up capital for a PT PMA to IDR 2.5 billion (~USD 150-170K), down from a much higher prior threshold. A recent, favorable change that lowers the barrier to entry per entity incorporated.
Unlike the rest of this section, this is not a pending recommendation: the two-tier governance structure required under Indonesian law (Direksi for day-to-day management, Komisaris for oversight) is already in place — see Team. Still to be formalized: the exact capital split between the two partners.
| Item | Standard treatment | Optimization lever |
|---|---|---|
| Dividends to foreign shareholder | 20% withholding (Art. 26) | 10-15% if the shareholder holding company resides in a treaty jurisdiction (e.g. Singapore, Netherlands), with a valid Certificate of Domicile |
| Corporate income tax | 22% | Flat rate, identical for any resident company — little legal optimization room beyond disciplined deductible-expense management |
| Annual land & building tax (PBB) | Up to 0.5% of NJOP value | Already low in absolute terms — not a significant optimization lever |
| Exit (disposal) | ~5% BPHTB on land-asset transfer | A share transfer of the PT PMA rather than a direct land-asset transfer often avoids BPHTB for the acquirer — to be structured together with the Exit Strategy |
Every project developed by Aetherial Studio follows a structured governance framework, from the first feasibility study to operational performance.
Concept render — not site-specific
Each development operates with dedicated financial tracking and clear fund allocation.
Construction progress, milestones, occupancy and financial performance shared regularly.
Architects, legal advisors, accountants and consultants bring independent expertise.
Market intelligence, industry benchmarks and financial modelling before every decision.
| Risk | Probability | Impact | Mitigation |
|---|---|---|---|
| Low occupancy year 1 | Moderate | High | OTA launch + agency partnerships from D-60. 50% year-1 target already built into the pessimistic scenario. |
| IDR/EUR fluctuation | Moderate | Moderate | Partial hedging, revenue partly in USD (international OTAs). Possible upside if IDR depreciates. |
| Indonesian regulatory risk | Low | Moderate | Local PT structure, established legal partner, zoning compliance verified before acquisition. |
| Climate damage | Low | Moderate | Full insurance, resistant structural canvas, seismic-resistant design, 5%/yr maintenance fund. |
| Growing local competition | Moderate | Low | Differentiation through astronomy and radical intimacy. Barriers to entry: location, brand, experience. |
| Skilled staff availability | Low | Moderate | Aetherial Designs training program, salaries 20% above local market, housing provided. |
An investor holding a stake in the PT PMA has several available exit routes. The options below are those retained for this report; precise terms (timelines, fees, conditions) remain to be confirmed with the project's legal counsel.
The fastest route. The investor sells their shares; the buyer takes over the entity with the land, licenses and contracts as-is. No land title transfer is required — the company continues to hold the HGB. Effective rate of approximately 5% (Art. 26) for a non-resident seller, reducible via tax treaty through the shareholder holding company.
Direct sale of the land and building out of the company. Slower and generally less advantageous: a 2.5% final tax on gross transaction value (regardless of actual profit), plus BPHTB (~5%) borne by the buyer. Reserved for cases where the buyer does not want to take over the corporate structure.
The investor finds a new buyer, individual or institutional, for their shares or for the asset. The buyer pool is narrower than the primary market for PT PMA-structured land — the buyer must accept the existing structure or set up their own. Typical market timeline: 3 to 6 months between listing and signing.
Independent hotel assets (non-branded) typically trade between 4x and 8x annual EBITDA — more for scarce or differentiated assets, less in developing markets without an established institutional buyer base. For a 9-unit lodge in South Lombok, a conservative 6x to 9x EBITDA range is used here.
| Scenario (occupancy) | Annual EBITDA | Estimated value (6x-9x) | Multiple on invested capital |
|---|---|---|---|
| Conservative (55%) | €106,445 | €639K – €958K | 1.1x – 1.6x |
| Target (70%) | €153,601 | €922K – €1.38M | 1.5x – 2.3x |
| Optimistic (85%) | €200,756 | €1.19M – €1.79M | 2.0x – 3.0x |
EBITDA from the performance scenario (see Financial Model), against the €599,000 total investment. The multiple does not account for transaction fees, disposal tax (see above) or an illiquidity discount, all of which reduce the net amount received by the investor.
To whom: a 9-key asset remains too small for most institutional funds, whose minimum ticket typically exceeds \$5-10M. The most likely buyers share the same profile as the original investors — high-net-worth individuals seeking a tangible, differentiated asset (often already regional owners or won-over past guests), independent or boutique hotel groups looking to expand a portfolio across Indonesia/Southeast Asia, and occasionally family offices active in real estate + hospitality across the region. A buyout by one or more existing co-investors (a share purchase among partners) is also a common outcome for this type of structure.
Indicative outline of the investment process. Exact timelines and documents will be confirmed by the Aetherial Designs team at the point of commitment.
Concept render — not site-specific
A one-on-one call to answer remaining questions on the report, the entry level considered, and the destination.
A refundable reservation deposit secures the chosen level and destination while legal documents are reviewed.
Final documents (structure, contract, payment schedule) are shared for review by your own advisors before signing.
Funds are called in stages, aligned with construction milestones — never as a single upfront payment (see Investment Terms for the detailed schedule).
Monthly reporting through to delivery (see Governance), then operational launch and first revenue distributions.
Valid passport copy, for the standard KYC/AML verification of any PT PMA structure.
Bank statement or attestation demonstrating the source and availability of the invested funds.
Optional but recommended — for reviewing the contractual documents and tax analysis in your country of residence.
A bank account for the capital calls and, later, for receiving revenue distributions.
A fixed percentage of each project's budget is allocated to the Aether Foundation to support initiatives that strengthen communities, protect the environment and create opportunities for the future.
Concept render — not site-specific
Interest-free loans, equipment, mentorship.
Scholarships, digital programs, training.
Water access, housing, infrastructure.
Reforestation, waste management.
List of annexes planned for the final version of the investment file. Some already draw on material present in this report (see cross-reference); the others require data only the project team can provide (real contractor quotes, AirDNA export, permit status, etc.) and are therefore not yet drafted.
No third-party commissioned study at this stage (see below for a formal per-destination study). Public market data compiled in August 2026:
Lombok tourism — Arrivals up 51% in 2024 vs pre-pandemic levels (3.6M visitors); Mandalika (the south-coast special economic zone) saw arrivals climb 51.4% to 1.2M in 2024, up 68.4% vs 2019. West Nusa Tenggara province (home to Lombok) is targeting 2.5M combined domestic + international arrivals in 2025. Lombok's star-rated hotels welcomed over 1.2M guests in 2025, led by mid-tier and luxury accommodation. Sources: Indonesian Ministry of Tourism, Discover Lombok Guide, Lombok Dispatch, Marina Bay City (2025-2026 data).
National tourism — Indonesia welcomed 13.9M international visitors in 2024 (+19% YoY), and 3.44M in Q1 2026 alone (+8.62% YoY). The government's "10 New Balis" strategy actively pushes traffic toward Lombok, Labuan Bajo and Raja Ampat to relieve pressure on Bali. Sources: Travel And Tour World, Nomad Lawyer (Q1-Q2 2026 data).
Global glamping market — Estimated at $3.8-4.2 billion in 2026, growing at a 9.5% to 12.7% CAGR depending on the research firm, reaching $7-9 billion by 2033-2034. Asia-Pacific represents ~18% of the global market ($0.67-0.74 billion in 2025-2026) and is among the fastest-growing regions. Sources: Grand View Research, Fortune Business Insights, Mordor Intelligence, Technavio, Business Research Insights (2026 reports).
Figures aggregated from several public research firms, not commissioned by the project — to be cross-checked with a dedicated third-party study before contractual integration. A formal per-destination market study remains recommended beyond this compilation.
AirDNA data export (real occupancy, ADR, RevPAR), to substantiate the financial model's assumptions beyond the manually verified ADR (see Competitive Analysis).
AirDNA export, Lombok market (539 active listings): average market annual revenue Rp597.38M, average occupancy 56.45%, average nightly rate Rp3,152,544 (≈€166 at the report's indicative rate).
The financial model (Base scenario) now uses South Lombok's real ADR (IDR 2,200,000/night, ≈€116) — recalculated on 2 August 2026 (see Financial Model). This is more conservative than the market average above (≈€166), leaving a safety margin. Target occupancy (62-70% depending on level) remains above the market average (56.45%), a point to validate with the project team.
Detailed profiles of the comparable properties cited (Competitive Analysis): photos, guest reviews, estimated occupancy, price history.
No permit process has been initiated at this stage — consistent with the project's current status (fundraising, land not yet acquired). Permit filings (PBG — building permit, SLF — completion/functionality certificate, environmental) are expected after land acquisition, during the Permits phase of the timeline (roughly month 4 to 8 of the project's 15 months — see Delivery Timeline). This annex will be updated file by file once the process is underway.
Task-by-task, trade-by-trade Gantt-style schedule, beyond the phase durations already given in Delivery Timeline.
Real quotes from construction firms and suppliers, line by line, to substantiate Use of Funds beyond the current cost structure.
A separate solid-build construction quote (≈€363,000) was used to calibrate the model's ancillary cost lines (foundation, permits, furnishing), but is not its basis: the real cost of the tent structures used by Aether Lodge ($5,000-7,500 each) was confirmed directly and cross-checked against a separate real construction quote (Nila Villa Ubud, April 2026).
Available in the downloadable Excel model ('Sensitivity Analysis' tab, see Financial Model) — the isolated impact of occupancy, blended ADR, variable costs, and fixed costs on ROI, plus a 'tornado' summary ranking each variable by impact magnitude for a ±10% change.
Headline result: occupancy and ADR have an identical, dominant impact on ROI (±8.5 points for a ±10% change) — well above variable costs (∓6.5 points) and especially fixed costs (∓1.3 point only). This is what justifies structuring this report's scenarios around occupancy rather than cost assumptions.
All three scenarios (Conservative 55%, Target 70%, Optimistic 85% occupancy) are modeled on the main site (Performance), in this report (Financial Model), and in the downloadable Excel model — with ROI, breakeven and net profit for each.
Complete, quantified tax memo (corporate tax, VAT, withholding by investor jurisdiction), beyond the summary table already in Legal Structure.
Confirmed mechanism: revenue from each booking platform (OTA, direct) is paid directly into the project's PT PMA bank account — never routed through Aetherial Studio. Aetherial Studio invoices its management fee at month-end, for payment at the start of the following month, like any other service provider. This means Aetherial Studio never holds client funds — an important counterparty risk reduction for investors (see also Legal Structure and Governance).
Still to be specified: how often the PT PMA itself distributes profits to shareholders (monthly, quarterly, annually) — a separate governance decision from the collection mechanism above, to be formalized in the shareholders' agreement.
Confirmed: the project is 100% equity-financed — 90% investors / 10% Aetherial Studio. No bank-loan refinancing is planned at this stage.
Point to clarify: once the resort reaches stabilized operations, available funds (beyond investor distributions) could be reallocated toward another project in the Aetherial Studio pipeline, rather than systematically redistributed. This is a real governance decision, not a technical detail: it determines who decides (investors, Aetherial Studio, or a joint vote), at what available-cash threshold, and what say investors retain over the use of their capital beyond the original project. To be formalized explicitly in the shareholders' agreement — see also Governance and A10 (Distribution Schedule), which raises the same question about dividend frequency.
With the structure 100% equity-financed (see A11 above), there is no cost of debt to blend in — so no classic weighted average cost of capital (WACC) calculation applies. The cost of capital reduces to the return required by the investor, already published in this report: 20.3% annual (Target scenario, 70% occupancy) — see Performance and Financial Model. This rate is used consistently throughout this report wherever a reference return is needed.
If a bank refinancing is activated in the future (see A11), a true WACC calculation would become relevant and would need to incorporate the cost of Indonesian debt for this type of asset — to be revisited at that point.
Indonesia: Bank Indonesia targets 2.5% ± 1% inflation for 2025-2027 (i.e. a 1.5% to 3.5% range). Actual inflation: 2.88% in July 2026, after peaking at 4.76% in February 2026. The OECD projects 3.4% for full-year 2026. Assumption used in this report: 3.0%/year (upper-mid of the official target), applied to local operating costs (staff, maintenance, supplies).
Investor currency (EUR): official ECB target of 2.0%/year. Assumption used: 2.0%/year, for the portion of the model expressed in euros (the initial investment and investor reporting).
Applied in the model: the 3%/year ADR growth already used in the 5-year projection (see Financial Model and the Excel model) is consistent with — and slightly below — the 3.0% local inflation assumption, which is conservative (revenue growth tracking cost inflation rather than exceeding it).
Sources: Bank Indonesia, OECD (Economic Outlook 2026), European Central Bank. Simplified constant-rate assumptions over 5 years — a more refined model could vary the rate year by year.
This report uses an implicit rate of 19,000 IDR to 1 EUR. This annex will detail ROI sensitivity to IDR/EUR exchange rate fluctuation.
The Conservative scenario (see Financial Model) isolates a single adverse variable — 55% occupancy. A realistic stress test stacks several shocks at once:
| Shock | Assumption |
|---|---|
| Occupancy | 55% (as in the Conservative scenario) |
| Construction cost overrun | +15% |
| Fixed operating costs | +10% |
Result: net profit ≈ €67,700, against an inflated investment of ≈ €688,850 (€599,000 + 15%) — an annual ROI of roughly 9.8%, down from 12.4% for the isolated Conservative scenario. The project remains profitable under this combined shock, but with a reduced safety margin.
Indicative calculation derived from the Excel model (Sensitivity Analysis tab) — does not cover a simultaneous EUR/IDR currency shock, which would compound this result further. A formal multi-variable stress test (Monte Carlo) remains recommended beyond this simplified estimate.
A complement to the risk table already in this report (see Risk Analysis), focused on political and regulatory rather than operational risk.
Foreign investment regulation: favorable in recent years (e.g. the 2025 reduction in minimum PT PMA paid-up capital — see Legal Structure), but investment policy remains a government prerogative and can change. No known or anticipated adverse change at this time.
Capital controls / repatriation: no current statutory cap on repatriating funds in foreign currency through licensed banks (see Exit Strategy) — a risk to monitor rather than a present issue.
National stability: Indonesia has a regular electoral cycle (next presidential election in 2029) with no recent history of abrupt economic policy reversal following a change of government.
Regional tourism demand: a major disruption to international air travel (regional conflict, health restrictions) would affect footfall — a risk shared by any internationally-dependent tourism destination, not specific to this project.
Summary compiled from public sources (see Legal Structure and Exit Strategy for detail). Does not replace a formal political/country risk opinion — to be cross-checked with the project's legal counsel.
Continuity plan in case the founder or a key team member becomes unavailable — a key-person dependency risk to address explicitly.
With the resort not yet operational, no actual values exist yet. Below is the indicator framework planned for quarterly tracking once open — beyond the qualitative commitment already presented elsewhere on the site.
| Dimension | Indicator | Tracking frequency |
|---|---|---|
| Environmental | Water consumption per guest-night (litres/guest-night) | Quarterly |
| Environmental | Share of solar energy in total consumption (%) | Quarterly |
| Environmental | Single-use plastic bottles avoided (units, via on-site water filtration) | Quarterly |
| Social | Local jobs created — headcount and % South Lombok residents | Quarterly |
| Social | Aether Foundation beneficiaries (number of people/households supported) | Annual |
| Social | Share of supplier spend with Indonesian companies (%) | Annual |
Indicative framework proposed by Aetherial Studio — to be validated and possibly expanded with the project team before contractual integration or communication to investors as a firm commitment.
Standard operational dashboard investors will receive once the lodge is open (actual occupancy, actual ADR, guest NPS, incidents), tied to the monthly reporting already announced in Governance.
Financial projections, ROI rates, breakeven thresholds and scenarios presented in this document are non-contractual simulations. They do not constitute a guarantee of future performance, nor a contractual commitment from Aetherial Designs or Aetherial Studio. All investment carries a risk of capital loss.
This document is shared confidentially with a limited number of potential investors. It may not be reproduced, distributed or communicated to third parties without prior written consent from Aetherial Designs.
Amounts expressed in currencies other than EUR and IDR are indicative only, at a non-guaranteed average market rate.
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